|John, I think you are a bit confused.|
It sounds like you are describing the warrants issued as part of a recent $1.7 million financing. But as far as I know, those warrants are not trading publicly.
What is being traded publicly (last traded at 6 cents as you wrote) is symbol IW.WT.A. If those are the warrants you are referring to, they have an expiry date in Nov 2004 (not 2005) and are exercisable at a strike price of $0.90, so they are not in the money, in fact they are (obviously) deep deep OUT of the money.